Mr Carney told the Andrew Marr programme that “if you look at the UK as a whole, everywhere bar Northern Ireland – we are now seeing house prices begin to recover”

On Sunday 16th February, the Governor of the Bank of England, Mark Carney […]

Governor of the Bank of England thinks Northern Ireland’s House Prices Are Not Keeping Pace With Rest Of UK

Northern Ireland House Prices Not Keeping Pace With Rest Of UK

Mr Carney told the Andrew Marr programme that “if you look at the UK as a whole, everywhere bar Northern Ireland – we are now seeing house prices begin to recover”

On Sunday 16th February, the Governor of the Bank of England, Mark Carney said in a BBC interview with Andrew Marr said that Northern Ireland is the only part of the UK where house prices are not recovering, stating: “If you look at the UK as a whole, everywhere bar Northern Ireland – we are now seeing house prices begin to recover, so it is a more generalised phenomenon”.

However, Mr Carney’s comments provoked a backlash from Northern Ireland’s finance minister Simon Hamilton who reckons that Mr Carney’s remarks were at odds with analysis carried out by Stormont’s Department of Finance and Personnel (DFP).

Mr Hamilton posted on his Twitter account, “Doesn’t tally with DFP analysis. Never thought I’d have to correct a governor of BoE!”

The Office for National Statistics (ONS) has recorded year-on-year house price increases across the UK with property values increasing by:

5.6% in England 5.4% in Wales 2.5% in Scotland 3.3% in Northern Ireland

The increase in house prices and activity in the UK property market has been credited to […]

House Prices Officially Rising Across The UK

UK House Prices Rising Faster Than Inflation

The Office for National Statistics (ONS) has recorded year-on-year house price increases across the UK with property values increasing by:

5.6% in England

5.4% in Wales

2.5% in Scotland

3.3% in Northern Ireland

The increase in house prices and activity in the UK property market has been credited to an increase in first-time buyers (FTB) purchasing residential property using the Government’s Help-To-Buy scheme.

The ONS have revealed that annual house price growth outpaced the cost of living in November 2013, even after removing property market activity in London and the South East of England from the calculations, property prices were up by an average of 3.1%, compared with a 2.1% rate of inflation.

Property price increases in the UK are generally driven by market activity and price increases in London and its surrounding areas, although other regions have started to show accelerating property price increases.

Property prices in London were up by 11.6% in November 2013, compared with a year earlier, and property prices have also increased strongly across the whole of the UK according to official figures

Regional Property Price Increases

London: up 11.6%

South East: up 4.5%

West Midlands: up 4.4%

North East: up 4.2%

East: up 4.1%

Yorkshire and the Humber: up 3.2%

South West: up 3.1%

East Midlands: up 2%

North West: up 0.6% Source: ONS annual change, Nov 2013

UK regions are becoming far more buoyant and less reliant on activity in the London property market and the majority of buyers are having to look further afield than central locations to find affordable properties, creating a halo effect on property prices.

The annual increase in UK property prices in November follows on from the 5.5% rise observed in October 2013 and although the annual comparison did not show any acceleration, property prices were higher than the previous month increasing by 0.5% in November compared with October, with an average residential property valued at £248,000 (GBP).

The ONS house price index is based on mortgage completions, and is considered to be more comprehensive than House Price Indices (HPI) produced by mortgage lenders such as the Halifax and Nationwide whose figures are based on their own mortgage data.

The asking price of property is supposed to be rising at the fastest rate for over 6 years, according to Rightmove, however, asking prices actually dropped by 2.4% during October, all but wiping out September’s 2.8% gain. This is the third […]

Property Prices Rise At Fastest Rate For 6 Years…Or do they?

The asking price of property is supposed to be rising at the fastest rate for over 6 years, according to Rightmove, however, asking prices actually dropped by 2.4% during October, all but wiping out September’s 2.8% gain. This is the third dip in property prices in 2013.

UK property owners have raised the asking price for their properties by 4% compared to this time last year, marking the biggest annual rise in residential property prices since the financial crisis and property crash hit in 2007.

The average asking price that UK vendors want for residential property now averages around £246,237 (GBP), according to Rightmove, compared to £252,418 (GBP) in October.

It is worth pointing out that residential property asking prices usually fall by approximately 3% in November ahead of the festive season traditional slowdown.

So with residential property asking prices falling by just 2.4% in November suggests that the recent upturn in housing market activity will cushion the predictable seasonal drop.

Rightmove say that buyers still have a wide choice of property types to choose from as the UK property market is holding up relatively well for first-time buyers, as the number of flats and terraced properties on the market has declined more slowly than the number of detached and semi-detached properties this month.

Property prices in the East Midlands were 7.4% higher than they were in 2012, averaging £168,873 (GBP), outpacing property price rises in London.

The average asking price for a residential property in London is over three times greater than property values currently are in the East Midlands and asking prices in London have risen by 6.9% year-on-year, to reach a typical average value of £517,276 (GBP).

In fact residential property asking prices have increased across most UK regions apart from in the North, where residential property prices have dipped by 0.5% annually to average just £141,426 (GBP).

Property prices in Wales dropped by the smallest amount, down by 0.4% to reach a typical average of £165,110 (GBP), while desperate property vendors in London have dropped residential property asking prices by as much as 5% since October.

Rightmove said that traffic to its website has increased 30% in the last 12 months, a sure sign of growing demand from would-be property buyers. The property portal also said that the stock of unsold residential properties has fallen from an average of 71 per estate agency branch one year ago to 67.

Rightmove Director, Miles Shipside, said: “Estate agents expect a more buoyant 2014 as they pick up early signs of an increase in buyer interest and demand, so this side of Christmas could be the time for eager property buyers to hunt out keen property vendors and strike a deal. However, agents’ challenges differ wildly depending on local market conditions. While some are really concerned about future sales because of a lack of fresh vendors, others report vendors getting too brave too early on their asking price aspirations in less active parts of the country, potentially stifling a property market recovery before it has got going.”

The infographic below shows the increase and decreases in residential property asking prices in November 2013 compared to October.

The overall number of properties ‘Sold’ in November 2011 was up +1.4% compared to November 2010 and up +0.1% against November 2009.

November has seen the UK’s residential property market start its traditional seasonal decline according to data released from the Agency Express Property Activity Index.

But whilst month on month properties nationally achieving ‘Sold’ […]

UK Property Market Is Still Alive & Well

The overall number of properties ‘Sold’ in November 2011 was up +1.4% compared to November 2010 and up +0.1% against November 2009.

November has seen the UK’s residential property market start its traditional seasonal decline according to data released from the Agency Express Property Activity Index.

But whilst month on month properties nationally achieving ‘Sold’ status in November were down -7.1% on October 2011 and the number of new ‘For Sale’ listings recorded were down, by -11.8%, it was the second smallest November drop since the Index began in 2007.

Encouragingly, the overall number of properties ‘Sold’ in November 2011 was also up +1.4% compared to November 2010 and up +0.1% against November 2009.

Regionally, there were some positive signs with four of the twelve regions bucking the seasonal trend and showing positive figures for the number of properties ‘Sold’ in November against the previous month.

The North East topped the hot-spots up +18.8% on October, followed by the South West up +15.7% and Scotland up +12.0%.

When it came to the regional ‘not-so-hot-spots’ for November, West Midlands was bottom of the table with a drop in the number of properties ‘Sold’ down -15.9%, the South East was down -15.1% and the North West was down -15.0%.

The seasonal decline was more evident in the number of new ‘For Sale’ listings recorded in November against October, with only one region generating positive month on month figures, (which was London) up +7.8%.

At the other end of the table the regional ‘not-so-hot-spots’ for new ‘For Sale’ listings were Central, down -26.9%, Wales down -25.7% and Scotland down -23.9%.

Disappointingly, the number of ‘For Sale’ listings in November 2011 were also down -1.1% on the same month in 2010 but up +11.0% on November 2009.

A good number of individual cities bucked the seasonal trend and experienced increases in month on month house sales compared to October.

Nottingham topped the ‘hot-spots’ with an increase in properties ‘Sold’ in November, up +27.0%, followed by Newcastle up +25.3% and Colchester up +24.2%.

At the opposite end, the cities recording the greatest decline in month on month properties ‘Sold’ in November were Coventry down -58.8%, Southampton down -42.3% and Norwich down -27.4%.

There was a similar picture for individual cities when it came to New ‘For Sale’ activity in November compared to October.

Colchester topped the charts with a month on month increase of +13.7%, London up +7.8% and Brighton up +5.1%. Coventry saw the greatest monthly decline in new ‘For Sale’ listings compared to October, down -46.6%, with Bristol down -45.9% and Southampton down -39.2%.

Those property investors that want to succeed should take every opportunity to speak with other more successful investors and pick their brains and see if they are doing anything better than the average guy to increase property cash-flow.

On the 12th and 13th November, Glenn Armstrong will be […]

We all know that “Cash-flow is King!”

Those property investors that want to succeed should take every opportunity to speak with other more successful investors and pick their brains and see if they are doing anything better than the average guy to increase property cash-flow.

On the 12th and 13th November, Glenn Armstrong will be running a very special, very unique event where he has chosen 10 very successful property investors and persuaded them to come and speak about their niche cash-flow strategies at his niche cash-flow event.

There will be NO up-selling or courses, just 10 investors with 10 different and brilliant ways to vastly increase your monthly profitability, without buying any more properties.

If you want to find out more information about some of the niche strategies and who is behind them, please click on the link below. Glenn also asked each and every one of the successful investors for one tip for property success.

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